DUBAI THE CAPITAL OF ISLAMIC ECONOMY
Dubai The Capital of Islamic Economy
In October 2013, Dubai, a major economic hub of the world and ruled by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, showed interest in becoming the capital of Islamic economy in the world. A strategic plan was put in action to develop Dubai as the major Islamic economy and a deadline was set for three years. The plan focused on launching a number of ambitious projects that would focus on transforming the city into the capital of Islamic economy no later than the year 2021 and included seven main pillars along with 46 initiatives. According to Sheikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, the crown prince of the city, Dubai, with its latest projects and financial developments is all set on the route to achieving the vision of his highness and become a reliable name and provider for the halal industry, a tourism destination of choice by families around the globe, a pioneer of the modern digital Islamic economy, the center of Islamic arts, design and fashion, the hub of global networking and education for Islamic economy and also a world class leader for Islamic economy certifications and standards.
Finances were termed as one of the main pillars and according to recent reports Dubai, as per the Nasdaq market of Dubai, has actually overtaken the position of Malaysia and London as world’s leading centers for Sukuk (Islamic bonds trading). Dubai recently emerged as the list topper in global Sukuk listings confirming its position as a potential capital of Islamic economy. DIB was able to list around $500m Sukuk on Dubai Nasdaq. As per the listings issued by regional as well as international issuers, the total values of Sukuk listed from Dubai has reached a massive $42.61bn, the highest in all global listing centers.
And that is not it, the UAE Islamic banks have claimed the positions of being the strongest ones in the entire region of the Arabian Gulf. More work and progress is underway in the financial center and proper training on the groundwork of Sharia law and authorities are enabling Dubai’s banks and its financial sector to comply more and more with the modern Islamic finance. Important professional bodies have been set up in the finance and Islamic banking sector in the emirate and more work is underway. According to the sharia board, the UAE Central Bank has marked an ideal start and laid a strong foundation for Islamic banking and international bodies like the World Bank and IMF are becoming more keen to consider setting up of more standardize Islamic finance for the Muslim economies.
Moreover a joint agreement between the department of economic development of Dubai and the Institute of Corporate Governance has been signed supporting the idea of establishing and implementing a more Islamic governance and management center for Dubai. This particular initiative is focused on helping Dubai achieve its goal of becoming an Islamic economy capital and strengthening the competitive ability of the region by legally standardizing its activities and products as per the Islamic Sharia and economic institutions. The Islamic governance and management center is focused on evaluating, developing and testing the effectiveness of the plans that have been put in motion to allow Dubai to achieve his highness’s dream of making Dubai the capital of Islamic economy no later than 2020.
More is yet to come in this regard and with Dubai expo city underway its completion, there is no doubt that remains that Dubai will certainly achieve its goal to become the leader of Islamic economy around the globe.
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